Kennametal cut to Neutral from Buy at BAML

Kennametal (KMT -0.3%) is downgraded to Neutral from Buy on valuation at BAML but raises its price target to $50 from $46, as the firm sees modest upside on the back of better orders in August.

The acquisition of Allegheny Tech's tungsten materials business provides some good long-term opportunities but is unlikely to be accretive before FY 2015, BAML says.

Among the short cycle names, the firm prefers Timken (TKR +0.3%).

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